Dynamic Homes Reports Second Quarter Operating Results.DETROIT LAKES Detroit Lake, a reservoir formed by the Detroit Dam on the North Santiam River, is a popular fishing and recreational area 46 miles (74 km) SE from Salem, Oregon.[1][2] The lake is adjacent to Oregon Route 22. , Minn.--(BUSINESS WIRE)--August 6, 1999-- Dynamic Homes, Inc. (Nasdaq:DYHM) today reported sales of $3,602,000 for the second quarter of 1999 ended June June: see month. 30, down from $4,076,000 in the year-earlier period. The Company reported near-breakeven results, with a small net loss of $7,000 or $.00 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with earnings of $146,000 or $.07 per diluted share in the second quarter of 1998. For the first half of 1999, sales totaled $5,413,000, up slightly from $5,134,000 a year ago. The Company's net loss came to $227,000 or $.10 per diluted share, compared to the net loss of $193,000 or $.08 per diluted share in last year's first half, which included a loss of $.04 per share related to the effect of a change in accounting principle. The Company said sales of single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. homes have been affected throughout 1999 by continuing weakness in the regional farm economy. Second quarter profit margins were also affected by the impact of winter promotional discounts and escalating costs for lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to and other building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . . As a result of higher material costs, the Company implemented a building surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. on July July: see month. 1, while a second surcharge SECOND SURCHARGE, WRIT OF. The name of a writ issued in England against a commoner who has a second time surcharged the common. 3 Bl. Com. 239. is scheduled to take effect August 1. Shagawa Resort in northern Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces posted a second quarter net loss of $.02 per share, unchanged from the year-earlier period. Occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) are currently exceeding 90% for the summer tourist season Tourist Season is a novel written in 1986 by Carl Hiaasen. It is set in and around Miami, Florida. Bookjacket tagline The only trace of the first victim was his Shriner's fez washed up on the Miami beach. , which should enable the resort to report profitable operations in this year's third quarter. The construction backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. stood at $5,204,000 at June 30, 1999, compared to $6,907,000 at the same time last year. The year-earlier backlog contained a substantial volume of housing units for Native American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of communities. No such projects are currently under contract. The third quarter is currently shaping up as a stronger period for the Company in comparison to this year's first half. As a result, the Company expects to return to profitability in its September September: see month. 30 quarter and also anticipates that it will be profitable for the nine-month period of 1999. Lance G. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. , president of HCI (Human Computer Interaction) Refers to the design and implementation of computer systems that people interact with. It includes desktop systems as well as embedded systems in all kinds of devices. Investment Company and Ho-Chunk Ho-Chunk also Ho-chungra or Winnebago North American Indian people who live in the Midwestern U.S., notably Iowa, Wisconsin, and Nebraska. Their language belongs to the Siouan language family, and their name means “People of the Big Voice. , Inc., was elected to the Dynamic Board of Directors at its June 1999 meeting. Owned by the Winnebago Winnebago, Native North Americans whose language belongs to the Siouan branch of the Hokan-Siouan linguistic stock (see Native American languages). When Father Jean Nicolet encountered them (1634), the Winnebago lived in E Wisconsin, from Green Bay to Lake Winnebago. Tribe tribe [Lat., tribus: the tripartite division of Romans into Latins, Sabines, and Etruscans], a social group bound by common ancestry and ties of consanguinity and affinity; a common language and territory; and characterized by a political and economic of Nebraska Nebraska (nəbrăs`kə), Great Plains state of the central United States. It is bordered by Iowa and Missouri, across the Missouri R. (E), Kansas (S), Colorado (SW), Wyoming (NW), and South Dakota (N). , HCI is an investment company that owns approximately 11% of the Company's common stock. Dynamic Homes is a leading regional builder of modular single-family homes and multi-family/commercial buildings. Its products are marketed through a network of builder-dealers in Minnesota, Iowa, Nebraska, North and South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). , Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee and Wyoming Wyoming, city, United States Wyoming, city (1990 pop. 63,891), Kent co., W Mich., in the greater Grand Rapids metropolitan area, on the Grand River; settled 1832, inc. 1959. . Statements about the Company's anticipated performance in 1999 are forward-looking and therefore involve certain risks and uncertainties, including but not limited to: the strength and timing of incoming orders, interest rates, the health of the region's agricultural economy, competitive considerations, and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-
Dynamic Homes, Inc.
Condensed Statement of Operations
As of 6/30/99
(Unaudited)
Three Months Three Months
Ending Ending
6/30/99 6/30/98
------------ ------------
Operating Revenues:
Single-Family Housing $ 2,646,000 $ 3,226,000
Multi-Family/Commercial 152,000 72,000
Transportation 176,000 169,000
Other 143,000 114,000
Shagawa Resort, Inc. 485,000 495,000
------------ ------------
Total Revenues (net) $ 3,602,000 $ 4,076,000
Operating Expense:
Cost of Sales $ 2,451,000 $ 2,699,000
Transportation 237,000 204,000
Marketing 122,000 124,000
Administration 229,000 224,000
Shagawa Resort, Inc. 512,000 521,000
------------ ------------
Total Operating Expenses $ 3,551,000 $ 3,772,000
Income From Operations 51,000 304,000
Non-Operating (Income) Expense - DHI $ 29,000 $ 25,000
Non-Operating (Income) Expense - Shagawa 35,000 36,000
------------ ------------
Total Non-Operating (Income) Expense 64,000 61,000
------------ ------------
Income (Loss) Before Taxes and
Cumulative Effect of Accounting Change (13,000) 243,000
Income Tax (Provision) Benefit 6,000 (97,000)
------------ ------------
Income (Loss) Before Cumulative Effect
of Accounting Change (7,000) 146,000
Cumulative Effect of Accounting Change
(net of income tax of $56,000 in 1998) - -
------------ ------------
Net Income (Loss) $ (7,000) $ 146,000
============ ============
Basic Income (Loss) Per Common Share
Income (Loss) before cumulative effect
of accounting change $ - $ 0.07
Cumulative effect of accounting change - -
------------ ------------
Net Income (Loss) $ - $ 0.07
============ ============
Diluted Income (Loss) Per Common Share
Income (Loss) before cumulative effect
of accounting change $ - $ 0.07
Cumulative effect of accounting change - -
------------ ------------
Net Income (Loss) $ - $ 0.07
============ ============
Weighted Basic Average Number
of Shares Outstanding 2,240,900 2,240,900
============ ============
Weighted Diluted Average Number
of Shares Outstanding 2,240,900 2,242,000
============ ============
Dynamic Homes, Inc.
Condensed Statement of Operations
As of 6/30/99
(Unaudited)
Six Months Six Months
Ending Ending
6/30/99 6/30/98
------------ ------------
Operating Revenues:
Single-Family Housing $ 3,414,000 $ 3,861,000
Multi-Family/Commercial 670,000 72,000
Transportation 264,000 209,000
Other 217,000 153,000
Shagawa Resort, Inc. 848,000 839,000
------------ ------------
Total Revenues (net) $ 5,413,000 $ 5,134,000
Operating Expense:
Cost of Sales $ 3,595,000 $ 3,218,000
Transportation 446,000 354,000
Marketing 217,000 229,000
Administration 449,000 412,000
Shagawa Resort, Inc. 969,000 980,000
------------ ------------
Total Operating Expenses $ 5,676,000 $ 5,193,000
Income From Operations (263,000) (99,000)
Non-Operating (Income) Expense - DHI $ 46,000 $ 33,000
Non-Operating (Income) Expense - Shagawa 70,000 73,000
------------ ------------
Total Non-Operating (Income) Expense 116,000 106,000
------------ ------------
Income (Loss) Before Taxes and
Cumulative Effect of Accounting Change (379,000) (165,000)
Income Tax (Provision) Benefit 152,000 66,000
------------ ------------
Income (Loss) Before Cumulative Effect
of Accounting Change (227,000) (59,000)
Cumulative Effect of Accounting Change
(net of income tax of $56,000 in 1998) - (94,000)
------------ ------------
Net Income (Loss) $ (227,000) $ (193,000)
============ ============
Basic Income (Loss) Per Common Share
Income (Loss) before cumulative effect
of accounting change $ (0.10) $ (0.04)
Cumulative effect of accounting change - (0.04)
------------ ------------
Net Income (Loss) $ (0.10) $ (0.08)
============ ============
Diluted Income (Loss) Per Common Share
Income (Loss) before cumulative effect
of accounting change $ (0.10) $ (0.04)
Cumulative effect of accounting change - (0.04)
------------ ------------
Net Income (Loss) $ (0.10) $ (0.08)
============ ============
Weighted Basic Average Number
of Shares Outstanding 2,240,900 2,240,900
============ ============
Weighted Diluted Average Number
of Shares Outstanding 2,240,900 2,242,000
============ ============
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